Investor group seen lead in McClatchy auction-(Knight-Ridder Dismantling)

NashVegas

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Mon May-22-06 10:31 AM
Original message

Investor group seen lead in McClatchy auction-(Knight-Ridder Dismantling)

NEW YORK, May 22 (Reuters) - A Philadelphia investors group is seen as the front runner in an auction to buy the Philadelphia Inquirer and Daily News newspapers from McClatchy Co. (MNI.N: Quote, Profile, Research), the Wall Street Journal said on Monday.

...

The investors group seen in the pole position is led by advertising executive Brian Tierney and investor Bruce Toll of luxury home builders Toll Brothers Inc. (TOL.N: Quote, Profile, Research), the Journal said.

...
Bids from as many as six bidders rolled in last week for the two Philadelphia papers as part of McClatchy Co.'s planned takeover of rival publisher Knight Ridder Inc.

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-05-22T094455Z_01_N22327034_RTRIDST_0_MEDIA-MCCLATCHY.XML

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blm

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Mon May-22-06 10:36 AM
Response to Original message

1. Can we do a search on these fellows - Brian Tierney and Bruce Toll?

Check out who they've supported politically, because luxury home builders screams Republican to me - and this country does NOT need two more Pennsylvania newspapers under RW control. It may be how they plan to save Santorum or turn Pa. red against all odds.

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jojo54

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Mon May-22-06 10:39 AM
Response to Original message

2. So who's gonna get it? Freep Tierney & big biz Toll.

http://www.philly.com/mld/philly/14636600.htm

Great, just what we need, chrisitan right wing, big business/corporate loop hole asses' running the (currently) mostly left leaning papers soon. Tierney & Toll are in the running at this moment. I hope this doesn't come to pass, but if it does, my subscription to the Inquirer will cease to exist.

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blm

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Mon May-22-06 10:49 AM
Response to Reply #2

3. Serious GOP/Santorum supporters and this is EXACTLY how they'll steal the

election in 2006 and 2008.

PROTEST - Do NOT sit idly by.

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AX10

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Mon May-22-06 12:47 PM
Response to Reply #2

7. What happened to Ron Burkle?

I thought he was going to buy KR?

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emcguffie

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Mon May-22-06 11:42 AM
Response to Original message

4. Knight-Ridder, if I'm not mistaken --

-- was rather okay, compared to the other big whatchacallems. I wonder why they're being dismantled in the first place?

I mean, it seemed to me that they had retained somewhat more objectivity and traditional journalistic principles, as much as one can say that about a big whateveryoucallit.

So, why are they being taken apart?

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NashVegas

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Mon May-22-06 12:39 PM
Response to Reply #4

5. An Activist Investor on their Board

Had a fit and forced them to sell. (In a nutshell.)

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SoCalDem

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Mon May-22-06 12:41 PM
Response to Reply #5

6. It's just the republican model in action

Infiltrate..destroy from within..

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emcguffie

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Mon May-22-06 12:54 PM
Response to Reply #5

8. When you say "activist investor", do you mean --

-- one of those business heads who insists this is the right business thing to do, for financial reasons?

I cannot remember, or probably did not ever know, what was the public story behind the Tribune takeover of the LA Times and everybody else -- eventually even the Boston Globe? Am I remembering correctly? But I do know journalists who ended up out of work.

There must be thousands of really good journalists out of work or under-employed after all this consolidation. There must be a model that would work, if we put some heads together.

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NashVegas

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Mon May-22-06 01:06 PM
Response to Reply #8

10. Use That Star, emcguffie!

Do an advanced search in the DU LBN archives (from, perhaps last November to this past March?) for the stories on the KR takeover. Can't help w/the others.

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blm

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Mon May-22-06 07:34 PM
Response to Reply #8

13. It was a good friend of Bush's who forced the sell after Downing Street

Memos story was reported. All other big papers ignored it or downplayed it. KR reported it early and stayed on the story and a month later their big investor started harrassing them to sell.

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Kolesar

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Mon May-22-06 03:03 PM
Response to Reply #4

11. KR did some great reporting about the problems with the Iraq War

Oddly, it started because their reporters had been kept away from the White House, who hand-fed the other reporters. KR ended up with the best reporting.

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Jankyn

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Mon May-22-06 12:59 PM
Response to Original message

9. The Sac alt-weekly...

...had a good piece on the inner workings of the McClatchy-Knight-Ridder deal this week. Turns out that it sets up what's nearly a monopoly in the Bay area, and allows McClatchy to unload papers with strong unions:

The media, the market, and McClatchy

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AX10

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Mon May-22-06 04:22 PM
Response to Reply #9

12. THANKS.

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